• Responding to monetary and credit dynamics by assessing risks to price stability implies interest rates decisions will tend to “lean against” accumulating financial imbalances and asset price misalignments
  • Bond purchases on the secondary market cannot be used to circumvent budgetary discipline
  • We are inflexibly attached to price stability
  • Price stability and proper transmission of monetary policy stance were are guiding principles when deciding on recent emergency measures during the renewed tensions in financial markets in early May
  • Rates are appropriate, we are sterilising bond market interventions
  • Securities markets programme is time bound in nature